Contempt Case No. 5/2024 was initiated in Company Appeal (AT) (Ins) No. 211/2024. The appellant contended that the respondents should be summoned for allegedly disobeying the order dated 24.06.2024, passed by the Appellate Tribunal, which stayed the effect of paragraphs 37 and 38 of an order by the NCLT. The applicant alleged that the respondents breached the order by serving legal notices for implementing an acquisition plan, which amounted to deliberate and intentional contempt.
IDBI Bank Limited, representing the secured financial creditors of LANCO Infratech Limited, filed a Contempt Case No. 5/2024 in Company Appeal (AT) (Ins) No. 211/2024, alleging that P. Manoj Kumar, Balneedi Uma Mahesh, Mukkamala Nagarjuna, Krishna Praveen Kota, and KRS Erectors Pvt. Limited (the respondents) disobeyed the Appellate Tribunal's order dated 24.06.2024. This order had stayed the effect of paragraphs 37 and 38 of an order passed by the NCLT. The applicant contended that the respondents breached the order by serving legal notices for implementing an acquisition plan. The respondents denied the allegations, and the issue of board reconstitution was pending before the Apex Court. The key fact is whether the respondents' actions constituted a deliberate and
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Contempt Case No. 5/2024 was initiated in Company Appeal (AT) (Ins) No. 211/2024. The appellant contended that the respondents should be summoned for allegedly disobeying the order dated 24.06.2024, passed by the Appellate Tribunal, which stayed the effect of paragraphs 37 and 38 of an order by the NCLT. The applicant alleged that the respondents breached the order by serving legal notices for implementing an acquisition plan, which amounted to deliberate and intentional contempt.
IDBI Bank Limited, representing the secured financial creditors of LANCO Infratech Limited, filed a Contempt Case No. 5/2024 in Company Appeal (AT) (Ins) No. 211/2024, alleging that P. Manoj Kumar, Balneedi Uma Mahesh, Mukkamala Nagarjuna, Krishna Praveen Kota, and KRS Erectors Pvt. Limited (the respondents) disobeyed the Appellate Tribunal's order dated 24.06.2024. This order had stayed the effect of paragraphs 37 and 38 of an order passed by the NCLT. The applicant contended that the respondents breached the order by serving legal notices for implementing an acquisition plan. The respondents denied the allegations, and the issue of board reconstitution was pending before the Apex Court. The key fact is whether the respondents' actions constituted a deliberate and
…The Appellate Tribunal passed an order in…
The impugned order was…
Sign in to view related legal provisions.